Exhibit 12.1

Shore Bancshares, Inc.

Statement Regarding Computation of Ratios of Earnings to Fixed Charges

and of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(Dollars in thousands)

Including interest on deposits

	Three months ended
	March 31,			Years ended December 31,
	2010			2009		2008		2007		2006		2005
Earnings:
Add:
Pretax (loss) income	$	(2,661	)	$	11,685	$	18,562	$	21,452	$	21,708	$	20,742
Fixed charges		3,433			17,411		21,555		24,105		19,074		11,899
Amortization of capitalized interest		-			-		-		-		-		-
Subtract:
Capitalized interest		-			-		-		-		-		-
Total earnings	$	772		$	29,096	$	40,117	$	45,557	$	40,782	$	32,641
Fixed charges:
Interest expense	$	3,433		$	17,411	$	21,555	$	24,105	$	19,074	$	11,899
Interest capitalized		-			-		-		-		-		-
Debt premium/discounts		-			-		-		-		-		-
Estimated interest with rent expense		-			-		-		-		-		-
Subsidiary preferred dividend requirements		-			-		-		-		-		-
Total fixed charges	$	3,433		$	17,411	$	21,555	$	24,105	$	19,074	$	11,899
Ratio of Earnings to Fixed Charges		0.22			1.67		1.86		1.89		2.14		2.74
Preference Dividends	$	-		$	1,876	$	-	$	-	$	-	$	-
Combined fixed charges and preference dividends	$	3,433		$	19,287	$	21,555	$	24,105	$	19,074	$	11,899
Ratio of earnings to combined fixed charges
and preference dividends		0.22			1.51		1.86		1.89		2.14		2.74

Excluding interest on deposits

	Three months ended
	March 31,			Years ended December 31,
	2010			2009			2008			2007			2006			2005
Earnings:
Add:
Pretax income	$	(2,661	)	$	11,685		$	18,562		$	21,452		$	21,708		$	20,742
Fixed charges		48			393			1,678			2,412			1,946			796
Amortization of capitalized interest		-			-			-			-			-			-
Subtract:
Capitalized interest		-			-			-			-			-			-
Total earnings	$	(2,613	)	$	12,078		$	20,240		$	23,864		$	23,654		$	21,538
Fixed charges:
Interest expense	$	3,433		$	17,411		$	21,555		$	24,105		$	19,074		$	11,899
Less: deposit interest		(3,385	)		(17,018	)		(19,877	)		(21,693	)		(17,128	)		(11,103	)
Interest capitalized		-			-			-			-			-			-
Debt premium/discounts		-			-			-			-			-			-
Estimated interest with rent expense		-			-			-			-			-			-
Subsidiary preferred dividend requirements		-			-			-			-			-			-
Total fixed charges	$	48		$	393		$	1,678		$	2,412		$	1,946		$	796
Ratio of earnings to fixed charges		(54.44	)		30.73			12.06			9.89			12.16			27.06
Preference Dividends	$	-		$	1,876		$	-		$	-		$	-		$	-
Combined fixed charges and preference dividends	$	48		$	2,269		$	1,678		$	2,412		$	1,946		$	796
Ratio of earnings to combined fixed charges
and preference dividends		(54.44	)		5.32			12.06			9.89			12.16			27.06